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Why Purple Shield?
When death or a serious accident occurs there is always grief and sorrow. Death or seriou6 accidents seem to happen at the worst of times. Sudden and unexpected expenses only make the situation worse. Purple Shield Protection Plan is specially denied to help with these expenses at the very time when help is needed most.
The maximum sum insured is $50,000.00 per life insured. Coverage is available in varying amounts. You decide on the level of coverage required, subject to payment of at least the minimum premium.
The plan is issued to persons between the ages of eighteen (18) and sixty (60).
- Entry age for purchase - ages 18 - 70
- Maximum cover available from age 61 - 65 is $45,000.00
- Maximum cover available from age 66 - 70 Is $40,000.00
Premium payments for 25 years only (or to age 85 if earlier). After premium payments cease, the coverage remains in force in full.
Once the policy is in force, it cannot be cancelled by the company.
Premiums are payable monthly or annually. The premium or Policy fee payable may be increased at any time.
Monthly premium via salary deduction or bank transfer.
The plan terminates:
- On death
- On surrender as defined below
- When any premium is at least 30 days overdue
There is no surrender value except at the policy anniversary when the life insured is aged 85 nearest birthday. At that time, the plan may be surrendered for $850 per $1,000 sum insured.